Owning a home is still one of the best long-term investments you can make. In fact, in a recent Baylor University study, eight out of 10 economists agreed that home prices will rise again in the next five years. Taking advantages of today’s buyer opportunities is a smart move because these incentives won’t be around forever, but the American dream of homeownership will endure.
For more than 100 years, Realtors® have helped people become homeowners. Families need a place to call home, and the pride and community engagement that comes with homeownership continues to stand the test of time. Today’s home buyers will reap the benefits of establishing future long-term wealth, both socially and financially.
Homeownership isn’t just financially rewarding; it also creates stability and has many social benefits. Purchasing a home is an investment in the community. People have greater stake in what happens in their local area when they own rather than rent. Families and neighborhoods build lifelong bonds that create strong foundations for future generations.
Studies have shown children of homeowners are stronger academically. There is a certain comfort and security a child feels knowing they have stable place to call home. Homeownership also helps lower community crime rates. Homeowners are much more likely to participate in local crime prevention programs and be involved in local civic affairs.
Homeowners are also less likely to be welfare-dependent and are generally healthier than those who rent.
For people ready to make the commitment and buy a home, the timing couldn’t be better. Buying conditions are more favorable than they’ve been in years: home choices are abundant, affordability has improved, mortgages are available and interest rates are low.
Even better, a temporary $7,500 tax credit is also available for first-time home buyers – this credit expires on July 1, 2009.
Homeownership is part of the American dream for a reason. It’s an investment in your future. If you’re on the fence about whether or not now’s the right time for you to make that investment, talk to a Realtor® who can explain the process, identify opportunities in your local market, and show you options that best fit your situation.
courtesy of NAR Real Estate Facts
